PhotoPay was chosen by leading industry executives to take participate in the Lab, which is sponsored by the Mayor of London, the City of London Corporation and the Technology Strategy Board. PhotoPay, which simplifies payments by allowing you to take a photo of a bill, scan a payment slip or open a PDF file with your mobile banking app and make a payment with one tap, will as a result of their selection receive 12 weeks mentoring from leading financial services executives and venture capital and angel investment firms. Supporting financial institutions include Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, UBS and VocaLink, the UK and international payments systems provider.
At the end of the three-month programme, the entrepreneurs are given an opportunity to present their concepts to potential investors and participating industry executives.
“Our technology is used already by over 2 million users, in 8 banks in 5 European countries. We aim, through this unique opportunity, to learn the needs of individual financial institutions and through innovative technology find a way to a large number of new customers and markets,” said PhotoPay founder Damir Sabol.